Free tools

Loan Calculator

Calculate monthly loan repayments, total interest paid, and the full repayment schedule for any loan — free online loan calculator.

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Results

Monthly payment
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Total repaid
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Total interest
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View repayment schedule
Month Payment Principal Interest Balance

Loan Calculator

Enter your loan amount, annual interest rate, and term to instantly calculate your monthly repayment, total amount repaid, and total interest charged. Expand the repayment schedule to see a full month-by-month breakdown.

How is the monthly payment calculated?

Monthly payment = P × [r(1+r)n] ÷ [(1+r)n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.

Common uses

  • Working out whether a personal loan or car finance fits your budget
  • Comparing the total cost of a short vs. long loan term
  • Understanding how much of each payment goes to interest vs. principal
  • Planning mortgage affordability alongside other expenses

Tips to reduce total interest

  • Choose the shortest term you can comfortably afford
  • Make overpayments when possible — even small amounts reduce the balance faster
  • Shop around for a lower APR before committing to a loan

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